Belarus President Urges Banks to Expand Crypto Use Amid Sanctions

Belarusian President Alexander Lukashenko has called for increased cryptocurrency adoption within the nation's banking sector as economic sanctions continue to strain the economy. During a meeting with central and commercial bank leaders, Lukashenko emphasized the need for a well-regulated digital asset market to facilitate growth and stability.

The President highlighted the transformative potential of cryptocurrencies in reducing intermediaries, enabling automated transactions through smart contracts, and enhancing user control over assets. "Cryptocurrency-based transactions are more common than ever," Lukashenko noted, citing $1.7 billion in external payments processed by exchanges in the first seven months of 2024—a figure projected to reach $3 billion by year-end.

This directive follows recent instructions to lawmakers, underscoring a strategic pivot toward digital finance as Belarus navigates unprecedented economic challenges.